Legislative leaders have rightly characterized the reform of our public pension systems as Pennsylvania’s top budgetary issue. On May 13, with six weeks to go before the June 30 budget deadline, the Senate Republicans moved on Senate Bill 1 (SB1), an extensive reform plan. The legislation will help keep spending under control and negate the need for new taxes, especially the massive tax increases proposed by Governor Tom Wolf.
The Republican-controlled House plans to take up a pension reform bill in early to mid-May, caucus sources say. The vote will set the stage for working with a Senate Republican majority that is equally committed to reform, and a potential conflict with Governor Tom Wolf who has downplayed the gravity of the public pension crisis.
PMA's David Taylor provides an initial reaction to Governor Wolf's FY 2015-16 budget proposal.
A Third Sensible and On-Time State Budget
The good news is that the General Assembly sent Governor Corbett a $27.83 billion budget that supports record investment in education, including science, technology, engineering, and math programs and vital job training initiatives throughout the commonwealth. This is a pro-jobs budget consistent with the same successful elements Pennsylvania has seen since Governor Corbett took office, aiding in the creation of more than 125,000 private sector jobs.